Carnarvon Petroleum Limited (ASX:CVN) Dorado-1 Drilling Update

Perth, July 13, 2018 AEST (ABN Newswire) - Carnarvon Petroleum Limited ("Carnarvon") (ASX:CVN) (OTCMKTS:CVONF) is pleased to provide the following update on the drilling of the Dorado-1 well.

Progress

The Dorado-1 well has drilled down to around 4,044 metres Measured Depth ("MD") MD in 8-1/2" hole.

Current Operations

The rig is currently preparing to run a suite of wireline logging tools.

The significance of the results from logging while drilling and observations from the drill bit cuttings have warranted that the proposed wireline program is brought forward to immediately quantify the extent of the positive results received so far.

Forward Plan

At the completion of the wireline logging program the well will be deepened to assess the Milne and Crespin Members, below the Caley Member. There is an option to run a further casing string if deemed necessary to reach the final depth, however at this point it is not anticipated.

Well Objective

The primary objective for the Dorado-1 well is to assess the gas and liquids potential in the Caley Member with the well being less than 20km from and updip of the successful Roc-1 and Roc-2 wells.

The Dorado structure at the Caley interval is estimated to contain a gross mean recoverable prospective resource of 545 Bscf of gas and 30 million barrels of associated condensate (being 125 million barrels of oil equivalent ("boe"), gross, Pmean). Multiple secondary targets have been identified by Carnarvon in the Crespin and Milne Members (see Figure 4 in link below) and these will also be assessed by the Dorado-1 exploration well. See the recently released volumetric strategy update (ASX 23 April 2018) for details on these targets.

Prospective Resources are the estimated quantities of petroleum that may potentially be recovered by the application of a future development project and may relate to undiscovered accumulations. These prospective resource estimates have an associated risk of discovery and risk of development. Further exploration and appraisal is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.

Carnarvon Petroleum Limited is an oil and gas exploration company, listed on the Australian stock exchange (ASX:CVN), Frankfurt (FRA:CJB) and US OTC (OTCMKTS:CVONF). Carnarvon has an extensive acreage position in the North West Shelf of Western Australia that is designed to offer investors high alpha leverage to the energy sector. The company's near term focus is on maturing oil, gas and condensate discovered in its Phoenix project, with partner Quadrant Energy, and on bringing into production oil from the Buffalo field.